Black poplar (Populus nigra L.) was thermally modified in superheated steam at 160 °C, 190 °C, and 220 °C for 2 h. The research identified correlations between the chemical composition and selected mechanical properties of thermally modified wood. The higher treatment temperatures significantly lowered the modulus of rupture (MOR) and the Brinell hardness (BH). These correlations were particularly apparent at higher temperatures (190 °C and 220 °C) when thermally modified wood experienced stronger hemicelluloses degradation, which was indicated by an increase in the content of non-structural substances. The wood properties including compressive strength parallel to the grain (CS), modulus of elasticity during bending (MOE), and compressing (MCS) were affected less by the chemical changes caused by the thermal processing of wood. Moreover, the level of wood moisture content also affected these changes.